Income tax audit of professional
This query is : Open
07 December 2011
1)If a firm providing websites by subcontracting them to other firms whether it would be included in definition of Profession?
2)Can a firm show receipts from Subcontract and Receipts from Professional consultancy seperately for the purpose of I.T. Audit, as the limit for professional is 15 lacs and for business is 60 lacs?
2)Can a firm show receipts from Subcontract and Receipts from Professional consultancy seperately for the purpose of I.T. Audit, as the limit for professional is 15 lacs and for business is 60 lacs?
08 December 2011
Yes. The profession of an I.T.Engineer(Software Engineer) is covered under specified profession. Contract or subcontract does not affect the auditing condition u/s 44AB.The limit is 15 lac.
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